5 Ways to Bootstrap Your Business as a Woman

The phrase ‘pulling yourself up by your bootstraps’ used to mean doing the impossible. It meant doing everything on your own.

Today, it represents the spirit of starting and growing a business with limited resources. But it doesn’t have to feel impossible – and you don’t have to do it all on your own.

Here are 5 ways you can bootstrap your business as a woman:

Personal Savings

This might be the most obvious answer to the question of how to bootstrap your business. Many people fund the initial stages of their business using their personal savings. It can take time to build up enough resources to get your idea off the ground, but it ensures that you won’t go into debt bringing your idea to life. I recommend saving up between $1000-10,000 to start your business. If you are quitting your job to pursue entrepreneurship, it’s recommended that you also have a year’s worth of salary saved up.

Full-time Job or Side Hustle

Most entrepreneurs don’t up and quit their job before they have started their business. Many bootstrapped businesses are funded by the owner who continues to work a full-time or part-time job. This can be stressful because you can easily get burnt out from overworking. Remember that entrepreneurship should be fun, so I recommend outsourcing the work that you least enjoy, especially while you are just building your business!

Credit Card

While not the greatest option, some entrepreneurs take the risk of funding their startups with credit cards. If you use this route, make sure to find low-interest credit card rates and be smart about the financial risks you are taking!

Crowdfunding

You can utilize platforms like Kickstarter to raise funds from a community of supporters who believe in your idea by offering early access or exclusive rewards to backers as an incentive.

Friends and Family

You can use personal connections and resources to approach friends and family about your business idea. Some entrepreneurs offer incentives to their family and friends who are willing to borrow or gift them money to start their company.

However you decide to do it, it’s always wise to break down the estimated costs of starting a business before you start taking risks. Do your research, talk to people who have been in your shoes, find a mentor, or work with me.

Ready to get started? Email me or ​book a free discovery call​ to chat about your needs!